Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Data tableWeekly Demand Probability 0 0.051 0.052 0.093 0.214 0.385 0.096 0.077 0.06 ).55 A consumer electronics store stocks five alarm clock radios. If it

Data tableWeekly Demand Probability 0 0.051 0.052 0.093 0.214 0.385 0.096 0.077 0.06

image text in transcribed
).55 A consumer electronics store stocks five alarm clock radios. If it has fewer than five clock radios available at the end of a week, the store restocks the item to bring the in-stock level up to five. If weekly demand is greater than the five units in stock, the store loses sales. The radio sells for $29 and costs the store $12. The manager estimates that the probability distribution of weekly demand for the radio is as shown in the provided data table. Complete parts a through d below. pecte Click the icon to view the data table. ew con a. What is the expected weekly demand for the alarm clock radio? The expected weekly demand is (Type an integer or a decimal. Do not round.) ce with b. What is the probability that weekly demand will be greater than the number of available radios? The probability is consumer (Type an integer or a decimal. Do not round.) eek, the st ock, the st c. What is the expected weekly profit from the sale of the alarm clock radio? (Remember. There are only five clock radios available in any week to meet demand.) stribution. The expected weekly profit is $ ee answer (Round to the nearest cent as needed ) d. On average, how much profit is lost each week because the radio is not available when demanded? consumer week, the st The expected weekly profit lost is $ stock, the st (Round to the nearest cent as needed.) distribution

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Several Real Variables

Authors: Shmuel Kantorovitz

1st Edition

3319279564, 9783319279565

More Books

Students also viewed these Mathematics questions